Ryder Completes Acquisition of Edart Leasing in Northeast U.S.
MIAMI – Ryder System, Inc. announced the completion of its previously announced acquisition of substantially all the assets of Edart Leasing, LLC, a privately owned full service truck leasing, commercial truck rental and contract maintenance company headquartered in Hartford, Conn.
The acquisition is expected to add approximately $35 million in annualized operating revenue to Ryder's Fleet Management Solutions business unit and be accretive to earnings in 2009. Ryder anticipates additional earnings improvement in future years due to synergies and operational improvements within the combined companies.
In the transaction, Ryder acquired Edart's fleet of approximately 1,460 full-service lease and 180 commercial rental units, serving 340 contract customers. Ryder acquired four of Edart's nine multi-customer operating locations in Connecticut (Hartford, Bridgeport, E. Lyme, and Franklin), and one additional single customer maintenance location in Bozrah, Conn. Customers previously served by Edart in the remaining five facilities will be consolidated into and served by Ryder's nearest existing locations. The combined network will operate under the Ryder name. Also per the terms of the transaction, Ryder will acquire approximately 525 vehicles that will be re-marketed pursuant to specific terms of the agreement.
"Edart has been a leader in transportation for 74 years and a strong provider of services in the Northeast," said Ryder Chairman and Chief Executive Officer Greg Swienton. "We are pleased to be in a position to acquire a reputable company and continue our expansion plans during challenging economic times."